Topical Quiz - Chapter 1

What is the main objective of the Islamic financial legal framework?

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  To promote economic growth and development

• To maximize profits for financial institutions

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  To ensure compliance with Shariah principles and promote ethical and socially responsible financial practices.

• To ensure equal access to financial services for all individuals

Identify Islamic Bank from the list below

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what is the first islamic financial institution in malaysia

• Syarikat Takaful Malaysia Berhad

• Bank Islam Malaysia Berhad

• Lembaga Urusan Tabung Haji

• Bank Kerjasama Rakyat Malaysia

....... is the main regulatory authority responsible for securities and future markets

• Bank Negara Malaysia

• Central Bank of Malaysia

• Securities Commission

• Islamic Financial Services Board

BNM regulates several sectors of financial businesses, except:

• insurance & takaful

• conventional & financial institutions

• payment systems

• money & capital market

Acts Governing the Financial System in Malaysia are as follows EXCEPT

• CENTRAL BANK OF MALAYSIA ACT 2009

• LABUAN FINANCIAL SERVICES AUTHORITY ACT 1996

• SECURITIES COMMISSION ACT 1993

• KUALA LUMPUR FINANCIAL SERVICES AUTHORITY ACT 1997

Main factors contributing to the successful growth of Islamic Banking in Malaysia, EXCEPT:

• Dedication from regulatory authority

• The innovative Islamic financial products in the industry

• Support from Malaysia's government

• The appointment of judges not having knowledge on Islamic finance

What is the first Takaful operator in Malaysia

• Syarikat Takaful Ikhlas

• Takaful Malaysia

• Prudential BSN

• AIA Public Takaful

What are the objectives of Shariah Advisory Council of BNM? (Choose 3)

• Sole Authoritative body to advise Bank Negara Malaysia on Takaful and Islamic Banking

• Sole Authoritative body to advise Bank Negara Malaysia on Sukuk

• To review Shariah Aspect of Islamic Financial products

• To coordinate shariah issues in Takaful anf Islamic banking

The government appointed a National Steering Committee on Islamic Bank (NSC) to study various proposals for the establishment of an Islamic bank.

The followings are the recommendations of the NSC : (Choose 3)

• The proposed Islamic bank should be incorporated as a limited company under the Companies Act 1965

• The Islamic Banking Act needs to be legislated in order to provide for the licensing and supervision of the Islamic bank

• Only one islamic bank should be established

• The bank should not administered by Bank Negara to promote independency.